We're going to go back to the original point you made that you don't understand why privatisation is going so slowly. And I will reiterate that there are good and bad reasons. The bad reasons are visible, like Adani winning every coal tender in every BJP state, or the contractors (privatised) who make shit roads so they can then get paid to repair them. The good reasons are the ones I stated and you've touched on - you don't just give away the family jewels, you make sure that the recipient is strongly incentivised to do a better job. Just "oh they need to make money so it will be better" is too nebulous to mean anything. What is the incentive for a railway caterer to do a better job if he won't get pulled up for substandard food?

Saw the same thing playing out in public transport in a few different countries, incidentally. London railways are a particularly hilarious example of what happens when you privatise without proper accountability.